Russia sees record share of cash-free transactions as it moves closer to cashless society

The proportion of cashless

The proportion of cashless payments reached a record high in the first quarter of this year, Russia’s largest lender, Sberbank, has revealed. Meanwhile, the central bank is eyeing even more cash-free transactions.

According to Sberbank data, the share of non-cash spending among Russians surged to 59.4% in the first three months of 2021, setting a new all-time high. Cash-free sales were up 3.5% quarter-on-quarter and 6.3% compared to a year ago. 

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